I decided to take a close look at the lengthy terms and conditions for their auctions and found the following snippet that was very interesting. 12. BKA, and any consignors, reserve the right to bid on any lot(s). Unless explicitly stated otherwise, all lots are subject to a reserve price that shall be hidden from all bidders. BKA shall act to protect the reserve by bidding in the auction process if needed. BKA may open bidding on any lot below the reserve by placing its own bid. BKA may continue to bid on behalf of itself up to the amount of the reserve, either by placing consecutive bids or by placing bids in response to other bidders. So in essence the auction house and the consignor can bid up the lot in an effort to meet the reserve and the reserve is hidden at all times. You as a bidder have no idea as to the reserve or whether you are bidding against another legitimate bidder or the auctions house that is driving up the price. Anyways, I post this only to recommend that anyone who is bidding online perform their own due diligence as to the history of the banknote you are bidding on, as well as, the terms and conditions outlined by the auction house. |
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I noticed a similar situation last year with a popular Canadian auction house